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RETROCESSION
 9 Months Ended
Sep. 30, 2024
Reinsurance Disclosures [Abstract]  
RETROCESSION RETROCESSION
The following table provides a breakdown of ceded reinsurance:
Three months ended September 30Nine months ended September 30
2024202320242023
Gross ceded premiums$26,598 $14,789 $64,611 $35,740 
Earned ceded premiums$19,512 $15,318 $46,603 $35,195 
Loss and loss adjustment expenses ceded$10,070 $9,086 $47,919 $24,794 

Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

September 30, 2024December 31, 2023
 
Gross
Net of Collateral(1)
Gross
Net of Collateral(1)
A- or better by A.M. Best
$40,028 $40,028 $8,767 $8,767 
Not rated
26,619 7,239 17,407 2,432 
Total before provision
66,647 $47,267 $26,174 $11,199 
Provision for credit losses
(700)(487)
Total loss and loss adjustment expenses recoverable, net
$65,947 $25,687 
(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.
At September 30, 2024, we had 3 reinsurers (December 31, 2023: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $46.1 million (December 31, 2023: $20.4 million).